Let me review your loan and see if you qualify for this refinance.
FHA STREAMLINE (NON CREDIT QUALIFYING / NO APPRAISAL)
- Must have a current FHA loan
- Appraisal value from the last time you did the loan is used, so no appraisal is nessary.
- This can help if your value has dropped recently.
- Job information is listed, but no income is verified and not listed on the application
- Credit is checked and must be meet minimum score requirements
- Debt ratios are not calculated so as long as the score is ok, debt is not an issue
- Low FHA rates with no points!
- All closing costs can be covered by me (NOT financed!)
- If timing works out, it is possible to skip 2 months of payments
- Mortgage insurance is calculated differently based on the endorsement date of the previous loan. Best deal is if your loan was endorsed prior to 5/31/2009 (which I can check when I review this with you.)
It is a great time to review your current loan and see if it makes sense to switch from an ARM to a fixed rate loan. If you don't qualify for this particular loan, you could still qualify for another loan that could reduce your rate and monthly payment.
No harm in asking me to review this for you. I just try to get you the best deal and will be upfront about what can or cannot be done.